Debt to Equity
since 2005
Calculation
Teradyne Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.00 | = | —) | ÷ | 2,525,897) |
| Dec 31, 2022 | 0.02 | = | 50,115) | ÷ | 2,451,294) |
| Dec 31, 2021 | 0.04 | = | 108,426) | ÷ | 2,562,444) |
| Dec 31, 2020 | 0.19 | = | 410,111) | ÷ | 2,207,018) |
| Dec 31, 2019 | 0.27 | = | 394,687) | ÷ | 1,480,158) |
| Dec 31, 2018 | 0.25 | = | 379,981) | ÷ | 1,522,354) |
| Dec 31, 2017 | 0.19 | = | 365,987) | ÷ | 1,953,646) |
| Dec 31, 2016 | 0.19 | = | 352,669) | ÷ | 1,828,659) |
| Dec 31, 2015 | 0.00 | = | —) | ÷ | 1,965,786) |
| Dec 31, 2014 | 0.00 | = | —) | ÷ | 2,078,980) |
| Dec 31, 2013 | 0.09 | = | 186,663) | ÷ | 1,985,094) |
| Dec 31, 2012 | 0.10 | = | 173,387) | ÷ | 1,778,355) |
| Dec 30, 2011 | 0.11 | = | 162,529) | ÷ | 1,505,060) |
| Dec 31, 2010 | 0.14 | = | 152,632) | ÷ | 1,122,188) |
| Dec 31, 2009 | 0.22 | = | 143,257) | ÷ | 664,579) |
| Dec 31, 2008 | 0.17 | = | 122,500) | ÷ | 706,112) |
| Dec 31, 2007 | 0.00 | = | —) | ÷ | 1,229,174) |
| Dec 31, 2006 | 0.00 | = | —) | ÷ | 1,361,187) |
| Dec 31, 2005 | 0.25 | = | 304,648) | ÷ | 1,242,666) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The long-term financial trajectory indicates a conservative approach to leverage, characterized by a generally low debt-to-equity ratio that has trended toward near-zero levels in recent years. While there were periods of moderate increase in borrowing, the overarching pattern is one of significant deleveraging and substantial growth in shareholders' equity.
- Initial Deleveraging Phase (2008–2013)
- Following 2008, a consistent downward trend in the debt-to-equity ratio is observed, declining from 0.17 to a low of 0.09 by 2013. This reduction was primarily driven by a robust expansion of shareholders' equity, which grew from approximately 706 million USD in 2008 to nearly 1.99 billion USD in 2013, effectively offsetting a modest increase in total debt during the same period.
- Mid-Term Leverage Increase (2016–2019)
- A period of increased financial leverage occurred between 2016 and 2019, with the ratio rising from 0.19 to a peak of 0.27. This shift resulted from a combination of rising total debt, which reached 394 million USD in 2018, and a simultaneous contraction in shareholders' equity, which dipped to 1.52 billion USD in 2018.
- Accelerated Deleveraging (2020–2022)
- A sharp and rapid reduction in leverage is evident starting in 2020. The debt-to-equity ratio plummeted from 0.19 in 2020 to 0.02 by 2022. This precipitous decline was caused by a massive reduction in total debt, which fell from 410 million USD in 2020 to approximately 50 million USD in 2022, while shareholders' equity concurrently strengthened to 2.45 billion USD.
Overall, shareholders' equity has demonstrated a strong long-term growth trend, increasing from 1.24 billion USD in 2005 to 2.53 billion USD by 2023. The convergence of expanding equity and the aggressive repayment of debt has left the entity in a highly liquid position with minimal reliance on external debt financing as of the most recent available ratio calculations.
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Comparison to Competitors
Teradyne Inc., debt to equity, long-term trends, comparison to competitors
| Teradyne Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Marvell Technology Inc. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 0.00 | 0.04 | 0.20 | 0.34 | 1.64 | 0.47 | 2.02 | 0.61 | 0.29 | 0.30 | 0.50 | 0.71 | 0.66 |
| Dec 31, 2022 | 0.02 | 0.05 | 0.18 | 0.45 | 1.74 | 0.41 | 4.75 | 0.80 | 0.29 | 0.14 | 0.41 | 0.86 | 0.60 |
| Dec 31, 2021 | 0.04 | 0.04 | 0.18 | 0.45 | 1.59 | 0.40 | 1.02 | 0.83 | 0.14 | 0.15 | 0.41 | 1.58 | 0.58 |
| Dec 31, 2020 | 0.19 | 0.06 | 0.43 | 0.52 | 1.72 | 0.45 | 1.30 | 1.12 | 0.17 | 0.17 | 0.16 | 2.59 | 0.74 |
| Dec 31, 2019 | 0.27 | 0.17 | 0.47 | 0.65 | 1.32 | 0.37 | 1.29 | 0.96 | 0.24 | 0.16 | 0.21 | 3.25 | 0.65 |
| Dec 31, 2018 | 0.25 | 0.99 | 0.58 | 0.78 | 0.66 | 0.35 | 1.38 | 0.37 | 0.00 | 0.14 | 0.27 | 17.64 | 0.56 |
| Dec 31, 2017 | 0.19 | 2.28 | 0.77 | 0.57 | 0.87 | 0.39 | 2.21 | 0.40 | 0.00 | 0.60 | 0.48 | 0.71 | 0.39 |
| Dec 31, 2016 | 0.19 | 3.45 | 0.34 | 0.46 | 0.72 | 0.38 | 4.44 | 0.74 | 0.00 | 0.82 | 0.32 | 0.37 | 0.34 |
| Dec 31, 2015 | 0.00 | — | 0.17 | 0.60 | 0.84 | 0.37 | 7.57 | 0.46 | 0.00 | 0.60 | 0.32 | 0.35 | 0.41 |
| Dec 31, 2014 | 0.00 | 11.83 | 0.18 | 0.25 | 1.70 | 0.25 | 0.20 | 0.27 | 0.00 | 0.61 | 0.31 | 0.00 | 0.45 |
| Dec 31, 2013 | 0.09 | 3.78 | 0.18 | 0.27 | 0.00 | 0.23 | 0.21 | 0.29 | 0.00 | 0.66 | 0.00 | 0.00 | 0.48 |
| Dec 31, 2012 | 0.10 | 3.80 | 0.20 | 0.27 | 0.00 | 0.26 | 0.23 | 0.25 | 0.00 | 0.42 | 0.01 | 0.00 | 0.52 |
| Dec 30, 2011 | 0.11 | 1.27 | 0.23 | 0.22 | 0.00 | 0.16 | 0.26 | 0.30 | 0.00 | 0.24 | 0.01 | 0.04 | 0.51 |
| Dec 31, 2010 | 0.14 | 2.39 | 0.13 | 0.03 | 0.15 | 0.04 | 0.33 | 0.01 | 0.00 | 0.29 | 0.01 | 0.05 | 0.00 |
| Dec 31, 2009 | 0.22 | 7.30 | 0.00 | 0.03 | 0.57 | 0.05 | 0.34 | 0.03 | 0.00 | 0.67 | 0.01 | 0.00 | 0.00 |
| Dec 31, 2008 | 0.17 | — | 0.00 | 0.03 | — | 0.05 | 0.25 | 0.17 | 0.12 | 0.44 | 0.00 | 0.00 | 0.00 |
| Dec 31, 2007 | 0.00 | 1.76 | 0.00 | 0.03 | — | 0.05 | 0.00 | 0.21 | 0.13 | 0.31 | 0.00 | 0.00 | 0.00 |
| Dec 31, 2006 | 0.00 | 0.66 | 0.00 | 0.06 | — | 0.06 | 0.00 | 0.25 | 0.01 | 0.07 | 0.00 | 0.00 | 0.00 |
| Dec 31, 2005 | 0.25 | 0.41 | 0.00 | 0.05 | — | 0.07 | 0.00 | 0.00 | 0.01 | 0.20 | 0.00 | 0.00 | 0.06 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
Teradyne Inc., debt to equity, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Teradyne Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Dec 31, 2023 | 0.00 | 0.46 |
| Dec 31, 2022 | 0.02 | 0.43 |
| Dec 31, 2021 | 0.04 | 0.49 |
| Dec 31, 2020 | 0.19 | 0.60 |
| Dec 31, 2019 | 0.27 | 0.56 |
| Dec 31, 2018 | 0.25 | 0.49 |
| Dec 31, 2017 | 0.19 | 0.56 |
| Dec 31, 2016 | 0.19 | 0.47 |
| Dec 31, 2015 | 0.00 | 0.43 |
| Dec 31, 2014 | 0.00 | 0.26 |
| Dec 31, 2013 | 0.09 | 0.22 |
| Dec 31, 2012 | 0.10 | 0.22 |
| Dec 30, 2011 | 0.11 | 0.18 |
| Dec 31, 2010 | 0.14 | 0.09 |
| Dec 31, 2009 | 0.22 | 0.12 |
| Dec 31, 2008 | 0.17 | 0.12 |
| Dec 31, 2007 | 0.00 | 0.11 |
| Dec 31, 2006 | 0.00 | 0.08 |
| Dec 31, 2005 | 0.25 | 0.07 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Information Technology)
Teradyne Inc., debt to equity, long-term trends, comparison to industry (information technology)
| Teradyne Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 0.00 | 0.65 |
| Dec 31, 2022 | 0.02 | 0.70 |
| Dec 31, 2021 | 0.04 | 0.82 |
| Dec 31, 2020 | 0.19 | 0.95 |
| Dec 31, 2019 | 0.27 | 0.97 |
| Dec 31, 2018 | 0.25 | 0.82 |
| Dec 31, 2017 | 0.19 | 0.80 |
| Dec 31, 2016 | 0.19 | 0.65 |
| Dec 31, 2015 | 0.00 | 0.56 |
| Dec 31, 2014 | 0.00 | 0.38 |
| Dec 31, 2013 | 0.09 | 0.28 |
| Dec 31, 2012 | 0.10 | 0.24 |
| Dec 30, 2011 | 0.11 | 0.27 |
| Dec 31, 2010 | 0.14 | 0.24 |
| Dec 31, 2009 | 0.22 | 0.25 |
| Dec 31, 2008 | 0.17 | 0.28 |
| Dec 31, 2007 | 0.00 | 0.26 |
| Dec 31, 2006 | 0.00 | 0.19 |
| Dec 31, 2005 | 0.25 | 0.15 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).